Southwest Airlines reached a sale and leaseback deal with an unnamed lessor for 10 737-700s. Under the agreement's first tranche closed yesterday, SWA sold five -700s for "approximately" $175 million and immediately leased them back for 12 years. It will make monthly payments of around $7.8 million during the first six months of the leases, with the amount scheduled to reset every six months based on the six-month LIBOR rate. In the first quarter of 2009, SWA will sell the five remaining ...

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